Mail

Bank wire transfers

It is critical when making a bank wire transfer that you alert MIT in advance so that the gift will be properly credited when received at MIT's bank. To advise of an anticipated wire transfer, please email the Office of the Recording Secretary at bankwire@mit.edu with the following information:

Name of donor Amount of wire transfer If currency is not US dollars, specify currency Purpose of gift/gift designation Name/location of sending bank Date of expected transfer

Gifts in U.S. dollars and in foreign currency may be wired directly from your bank to MIT’s bank by providing your bank with the following wire transfer instructions:

NOTE: It is important to determine which ABA Routing Number is appropriate based on the type of transfer (the routing number for ACH transactions is not the same as the routing number for wire transactions). The transfer will not be received by our bank if the incorrect routing number is used.

When transferring funds from one account to another there is a choice between ACH (automated clearing house) or wire transfer. ACH transactions use a batch process. The transactions that are received by the bank during the day are stored and processed all together overnight which makes the funds available to the recipient the following day. Wire transactions are generally received the same day they are initiated.

NOTE: The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across national borders. At present, the United States does not participate in IBAN. Therefore, Bank of America does not have an IBAN number .

You can leave a legacy to OCW by bequest, trust, or retirement plan. These gifts help reduce your taxable estate while allowing you to retain full control of your assets during your lifetime. To find out more, please visit the MIT Bequest page.

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